Amendment to Section 3 of the Employment Agreement. Section 3 of the Employment Agreement is hereby amended to add Section 3.B.(vi) as follows:
Amendment to Section 3 of the Employment Agreement. Section 3 of the Employment Agreement is modified as of the Amendment Effective Date by replacing the existing Section 3 in its entirety with a new Section 3 as follows:
Amendment to Section 3 of the Employment Agreement. Section 3 of the Employment Agreement is hereby amended by adding the following at the end of the existing text as new subparagraph (g):
Amendment to Section 3 of the Employment Agreement. Section 3 of the Employment Agreement is hereby amended by deleting Section 3 of the Employment Agreement in its entirety and substituting the following in lieu thereof:
Amendment to Section 3 of the Employment Agreement. The second sentence of Section 3 of the Employment Agreement is hereby amended so as to add a "." after the word "Meeting" and to delete the remainder of the sentence.
Amendment to Section 3 of the Employment Agreement. The following shall be added to Section 3(a) of the Employment Agreement: Beginning January 1, 2008, Executive’s Base Salary shall be payable in Restricted Stock Units (“RSUs”) under the Option Plan, as follows: after the end of each calendar month with respect to which Executive is entitled to Base Salary, Executive shall be issued a number of RSUs calculated by dividing (a) the difference between (i) the Base Salary to which Executive is entitled relating to such calendar month and (ii) the amounts of any healthcare benefit plan contributions and flexible healthcare spending account contributions elected to be made by Executive relating to such calendar month by (b) the closing price of the Company’s common stock on the Nasdaq Global Market on the last trading day of such calendar month, rounded down to the nearest whole share. Such issuances of RSUs shall be automatic, with no further action of the Board required, and shall continue until the Board makes a determination, if any, of a date that Executive’s Base Salary shall thereafter be payable in cash. Such RSUs shall vest upon the first date included within an open trading window under the Company’s Xxxxxxx Xxxxxxx Policy (the “Policy”) following the first commercial sale of the Company’s product Silenor® (doxepin) in the United States, subject to Executive’s continued service to the Company on such date. Any such RSUs issued after such date will vest upon the first date included within an open trading window under the Policy following the date of issuance of such RSUs, subject to Executive’s continued service to the Company on such date. In the event of a Change in Control prior to the vesting of such RSUs, 100% of the unvested RSUs will vest upon the consummation of the Change in Control.
